An illustration of bond on top of a paper bin. The bond is yellow and in the shape of a wave, like Donald Trump's hair.

Illustration: Satoshi Kambayashi

Apr 7th 2026|4 min read

WHEN WAS peak Donald Trump? As America braces for midterm elections in November, pinpointing the moment when the president started to turn into a lame duck is becoming something of a parlour game. Was it his decision to strike Iran in late February, entangling America in another messy conflict in the Middle East and sending petrol prices soaring? Or the week before, when the Supreme Court declared many of his wanton tariffs unconstitutional? Or, perhaps, a month before that, when a rare public rebuke from the Federal Reserve defanged a criminal probe into the central bank?

Signage for Mizuho Bank Ltd., a unit of Mizuho Financial Group Inc. (MHFG), at one of the bank's branches in Tokyo, Japan.

Bye, bye to the Trump trades